Acquiring Startups Is On A Rise: CommonFloor Acquires Bakfy, An Anonymous Chat App For Students

Talent comes with a hefty price but everyone knows it’s worth it. Realising the same online real estate-portal CommonFloor acqui-hire startup Bakfy. As a part of deal, the Bakfy team will join CommonFloor as Entrepreneurs-In-Residence and will work directly with the founders to build social and mobile products.

Bakfy on its website said,

We’re excited to announce that we have been acquired by CommonFloor !! The past one year has been nothing less than a roller coaster ride for us. We had some of the worst and best times of our lives 🙂

Thanks to all Bakfy users from across the colleges in India, for loving our product and giving useful feedback every time. We really appreciate the support given by our mentors, investors, friends and well-wishers.

We are super excited to be part of this amazing company and look forward to build some kick ass products !!

CommonFloor’s CEO, Sumit Jain said, “ Talent acquisitions is one of the best ways for us to get teams on board, which are collaborative and entrepreneurial, think out-of-box and are hungry to develop disruptive products”

He also added that he liked the founders and their work in creating a mobile-only anonymous social network and their strategy is to be bullish on mobile and the acquired team has proven capability of scaling up mobile-only social network in India.

Bakfy is a Bangalore-based startup founded by three young technology professionals Ashutosh Garg, Niranjan Bala and Rajesh Eswarlal. The app lets you chat or share something with everyone without revealing your name.

On this deal Baky founder, Ashutosh Garg said, “ Bakfy chose to be acquired by CommonFloor because of the opportunity in the real estate space, which is immense .“

The startup was mentored and incubated Bakfy through its 10,000 startups initiative.

Bakfy was also among teams who launched at our event, StartupDash in July last year.

Last year, Commonfloor had raised two rounds of funding which include a INR 64 Cr (roughly $10 Mn) and a $30 Mn Series E round led by its existing investor Tiger Global.